Pooja Dhami’s Reviews > Why Nations Fail: The Origins of Power, Prosperity, and Poverty > Status Update

100 wons were to be worth 1 new won. Individuals were allowed to come forward to exchange their old currency for the newly printed currency, though this had to be done in one week.Then came the catch: the government announced that no one could convert more than 100,000 won, though it later relaxed this to 500,000.In one stroke, the government had wiped out a huge fraction of North Korean citizens’ private wealth.